Home / Uncategorized / THE CEDI DEPRECIATION IS NOT AS A RESULT OF A WEAK ECONOMY – MINISTRY OF FINANCE TO PARLIAMENT
Hon ken Ofori Attah

THE CEDI DEPRECIATION IS NOT AS A RESULT OF A WEAK ECONOMY – MINISTRY OF FINANCE TO PARLIAMENT

The ministry of finance has asserted that the fallen of the CEDI which has become problematic in the public domain is not due to the weak policies of the government.

In a press statement issued by the ministry of finance to parliament  on the 28 of March 2019 ntold parliament that many are the issue resurrecting pertaining to the weakness of the cedi, Instead of a combination of portfolio investors as well as market participants.

According to the minister, he disclosed that in 2012  the cedi depreciated by 15.95, 32.45 per cent 2013,20 in 2014, 15.68 in 2015 as well as 9.65 by the close of 2016. 

A great combination rated from 2012 to 2016 was 65.423 per cent.

Hon Ken Ofori Attah further added that March 21st, 2018 to 2019, the cedi fall by 17.325 per cent compared to

25.33percent in 2015 and 2016. Touching on the issue between the cedi and the Euro bond, the minister made it clear that before the vice president of the republic would engage in his trip to India, the cedi was already reviving.

However, Hon.ken Ofori Attah stressed on to say that, the Eurobond assurance confirm the confidence investors in our successive economy with a huge sum of $21billion rush, which assisted the revival, since our microeconomicturnaround as well as the implementation of various policy measures. 

‘the cedi has made a great stride towards recovery on the back of the successful issue of the US$3 billion Eurobond and the completion of the 7th and 8th international monetary fund review restored confidence in Ghanaians economy, He stated. 

However, based on the economic and substantial gains with the measures laid in place on the existing peaceful economic measures, Ghanaians should expect the stability of the cedi going forward. Which therefore has been accepted by 5.12percent in March 2019as against depreciation of 2.71percent in the same period last year.

The minister also made it clear to parliament that the President, Nana Addo has given him the will power

to investigate the structural causes of the cedi depreciation and measures to address the situation.

‘the Governor and I will put a bipartisan committee together to commence immediately, he asserted.

BY: Richmond Ofosu

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